- The CCI indicator has fallen below -100 – a bearish signal
- Market bulls strengthened by lower Bollinger Band® currently at $83.11
While Energy Select Sector SPDR Fund in the midst of a 4 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $83.83, Energy Select Sector SPDR Fund is up to $84.14, which makes for a move of 0.37%/31 cents today.
The fund has been trending positively for about a month. Energy Select Sector SPDR Fund has shed 8.11% over the past three months.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Energy Select Sector SPDR Fund's lower Bollinger Band® is at $83.11, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Energy Select Sector SPDR Fund is likely to remain muted for the immediate future, with no clear-cut direction.
Fundamental indicators – United States Core PCE Price Index (MoM) (Mar) released today at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3.
Energy Select Sector SPDR Fund shows positive signs, other assets are also on par: having closed the previous session at $73.82, Mondelez International is up 6.19% today to currently trade at around $78.39. Intel is up 6.9%.
Meanwhile, Sony Group Corporation is down to $89.35, losing $5.74, after closing at $95.09 in the preceding trading session.